Posted on 04/01/2011 2:21:27 PM PDT by Nachum
I came across the most recent summary report for the California State Teachers’ Retirement System (CalSTRS) and I thought its pared-down tables and graphs nicely encapsulated the pension situation in the state.
First note that the average annual salary in 2010 for active working educators enrolled in the system was $64,156. The next table states that the average retirement benefit paid out in 2010 was $4,256 per month. That’s $51,072 annually. In other words, the average retired teacher in California made more than the average working teacher in 28 states, according to the salary rankings published by NEA.
The final graph in the report provides the big picture. While the value of the pension system’s assets has increased fairly steadily over the past nine years, the accrued liabilities have grown non-stop during the same period, leaving the fund at 78% of full coverage. What’s more, CalSTRS operated on an assumed annual return of 8 percent. Last year, the pension board lowered that expectation to 7.75 percent, which means projections for the future will show even more of a gap.
(Excerpt) Read more at hotair.com ...
New 45% pension tax on all retired state workers.
It also costs quite a bit more to live in California. I did not even consider a job offer from a California firm years ago because I figured that they would have to boost my salary by about 25-30% over my Arizona pay in order for me to break even.
Looting the nation and taxpayers.
Hey you spirited Freepers? How would you say it? The State has been thrumped?
This is true. And everyone there is about to learn the hard way they can no longer sustain this universally higher cost and standard of living. A hard rain is gonna fall on California.
Where the hell are they getting returns of 8% per year?
Depends on where you are - these are averages and I doubt they pay teachers as much in Blythe or Needles as they do in L.A. or 'Frisco.
What I'd really like to see are the same numbers for the administrators and hangers-on who probably outnumber teachers in the system.
bttt
If 38% graduate then they get 38% of their pay.
If 38% graduate then they get 38% of their pay.
If 38% graduate then they get 38% of their pay.
In Mexico. They are investing in a cartel group of import-export firms that are doing pretty well.
And the prison guards can retire at 50 with full pension and benefits. I think that one is courtesy of Gray Davis.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.